By : P. Constantinou & Co Ltd
For the year 2020, Social Insurance contributions remain the same as in 2019 while, on 1 March 2020, contributions to the General Healthcare System will be increased.
2020 Social Insurance Contributions
|Social Cohesion Fund||2,0%|
|Industrial Training Fund||0,5%|
|Holiday Fund (if not exempt)||8,0%|
Please note that as from 1 January 2020, the maximum amount applicable for Social Insurance contribution purposes is €54.864 per year ie €4.572 per month for monthly paid employees and €1.055 per week for weekly paid employees.
The Social Cohesion Fund contribution has no maximum level and is calculated on total income.
2020 General Healthcare System Contributions
The relevant contributions are summarized below:
|Category||Sources of Income||1/3/2019||1/3/2020|
|Persons holding an office||Officers’ Remuneration||1,70%||2,65%|
|Republic of Cyprus or Natural/Legal person responsible for the remuneration of persons holding an office||Officers’ Remuneration||1,85%||2,90%|
|Persons earning rental, interest, dividend and other income||Rent, interest, and dividend||1,70%||2,65%|
|Republic’s Consolidated Fund||Emoluments/pensions of persons in||1,65%||4,70%|
Please note that domicility of the individual is irrelevant for General Healthcare Contributions purposes.
Feel free to contact our expert team for any assistance and clarifications regarding the changes in Social Insurance and General Healthcare contributions.